China's Factory Activity Shrinks as Official PMI Falls to 49.3, Missing Forecasts
Export orders and imports both contracted as holiday demand faded, while services stalled at 50 and construction orders sank to 40.
Capital Times: markets, business and economic news from Asia
Middle East Fertilizer Exports Fall 70% Even as Non-Iran Oil Flows Regain Prewar Levels
Gulf urea and sulfur cargoes have not followed oil back to prewar levels, and Rystad Energy says alternative supplies come at a higher price.
India's Fiscal Deficit Hits 42.1% of FY27 Target in First Half as Fuel Tax Cut Bites
Excise receipts fell 22% after a cut in fuel duties and capital spending slowed in the second quarter, and ICRA expects a modest miss on the 4.3% goal.
PAG Agrees to Buy 51% of Evergrande Property Services for HK$4 Billion, Below Market
Evergrande's liquidators agreed to sell the stake after a yearlong auction, and PAG's HK$0.8359-a-share offer for the rest sits below where the shares closed Friday.
Asia's Currencies Close October Mixed as Rupee Gains About 1% and Yuan Hits 4-Year High
With the Fed and the Bank of Japan both on hold, central bank defenses, export dollars and oil decided which currencies won the month.
Asia's Currencies Split Into Chip Winners and Oil Losers as the Fed Meets
Export booms have lifted the won and yuan to multi-year highs, while costly oil keeps the rupiah near a record low and the rupee under pressure.
Bitcoin Ends October Down 7.3% Near $77,500 as Binance Hack Sinks 'Uptober'
Ether lost 16% as a record $6.3 billion theft, an AI stock rout and ETF outflows handed crypto a second straight losing October.
Markets
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- ResidentialChina's Top 100 Developers Sell 2.54 Trillion Yuan Through October as Poly Clings to Lead
- JapanBank of Japan Holds at 1.25% in 8-1 Vote, Lifts Inflation Forecast and Speeds ETF Sales
- Food & DrinkMoutai Profit Rises 3.8% in Third Quarter as i-Moutai App Sales More Than Quadruple
- CommoditiesGold Sinks Below $3,900 to One-Year Low as Fed Hike Bets and AI Sell-Off Spur Selling
- StocksIndonesian Stocks Lose 16.7% in October, Their Worst Month Since the March 2020 Crash
- TravelJapan Ends Tax-Free Checkout for Visitors, Scraps 500,000 Yen Cap in Refund Overhaul
China's Economy Grows 4.5% in Third Quarter, Beating Forecasts as Factories Hum
Growth picked up from the second quarter on manufacturing and exports, while construction shrank and officials flagged weak domestic demand.
Hong Kong IPOs Raise Record HK$388 Billion in Nine Months, Putting Best Year in Reach
KPMG says full-year proceeds could near HK$500 billion as A+H listings and tech issuers fill a pipeline of more than 600 applicants.
Asian Markets
Samsung Drags Kospi Down 3% as Alphabet's Cash Burn Cools Asia's AI Stock Rally
Japanese chip stocks rallied ahead of the BOJ and Hong Kong held flat in morning trade, while Samsung's profit miss and a battery stake sale sank Seoul.
Treasury Yields Slip Back Below 5% as Fed Decision Looms After September Rout
The 10-year yield has fallen for three weeks after touching its highest since 2007, but oil and supply worries still hang over the market.
Brent Eases From Near Six-Month High as Saudi-Iran Talks Temper Houthi Supply Scare
Diplomacy in Tehran trimmed oil prices, but attacks on Saudi energy sites and on Hormuz shipping keep a heavy risk premium in place.
Jio Platforms Heads for Market Debut After INR 302 Billion IPO Draws 22 Times Demand
Reliance's digital arm sold only new shares, will use most of the money to cut debt and starts trading in Mumbai on Wednesday.
Artificial Intelligence
Moonshot AI Weighs Up to $5 Billion Hong Kong IPO After $50 Billion Valuation
The Kimi developer has closed its last private round and lined up banks for a listing as soon as early 2027, Bloomberg reported.
- TSMC Profit Jumps 69% to a Record as 2nm Ramp Lifts Fourth-Quarter OutlookSemiconductors · 3 min read
- HSBC Rolls Out Hong Kong Dollar Stablecoin RedCoin to 3.3 Million PayMe UsersFintech & Crypto · 4 min read
- Asia Startup Funding Holds Near Highs at $38.5 Billion as AI Draws 55%Startups & VC · 3 min read
China Trade
China's Exports Jump 36% in September as AI Demand Pushes Surplus to 2026 High
Shipments beat forecasts by more than 10 percentage points, and the annual surplus is on pace to top $1 trillion again.
- Australia's Core Inflation Rises to 3.7%, Beating Forecasts and Firming RBA Hike BetsGrowth & Inflation · 4 min read
- Fed Holds Rates at 3.75% to 4% in 10-2 Vote as Warsh Plans Fewer Rate DecisionsCentral Banks · 4 min read
- What Is in the US-China Trade Truce, and What Happens if It Lapses in JanuaryTrade · 3 min read
India Clears Fairfax's Takeover of IDBI Bank in INR 529 Billion Stake Sale
PetroChina Profit Rises 21.6%, Sinopec's Jumps 57% Even as China Fuel Sales Fall
Pop Mart Revenue Falls Up to 50% in Third Quarter as Labubu Sales Weaken
Bain and LY Top EQT Again in Kakaku.com Fight as Tender Deadline Nears
Brazil
Brazilian Stocks Plunge 13.7% and the Real Slides After Lula Wins Runoff
Investors had bet on a Bolsonaro victory after the first round. Lula's narrow comeback reversed that trade and put Brazil's debt back in focus.
EU and China Reach Hybrid Car Understanding, Pledge Faster Rare Earth Licenses
Two days of talks in Beijing pulled both sides back from a trade war, but EV duties stay in place and the hybrid terms remain unpublished.
QatarEnergy Signs 20-Year Deal for Up to 3 Million Tons a Year of Woodside's US LNG
The world's top LNG exporter has now lined up 7 million tons a year of U.S. gas as force majeure on its own cargoes runs to year-end.
ECB Holds Deposit Rate at 2.5%, Leaves December Hike in Play as Lagarde Plans Early Exit
Policymakers debated a hike before agreeing to wait for more data, and Lagarde said she will leave on Feb. 7 to have the freedom to engage on matters that are not monetary policy matters.
Commercial Property
Link REIT Sells Mong Kok's 700 Nathan Road for HK$2.3 Billion, 61% Below 2016 Price
One of Asia's largest REITs exits the T.O.P mall and office tower it won at a 2016 government tender, the third disposal in its back-to-basics plan this year.
- Hong Kong Home Prices Rise 0.19% in September as Rents Hit Another Record HighResidential · 3 min read
- Shanghai Office Vacancy Falls to 24.4%, Its First Drop This Year, as Robotics Firms Lease UpCommercial · 3 min read
Investing
Koreans Pour Record 5.18 Trillion Won Into Mirae's S&P 500 ETF as Kospi Swings
The U.S. index fund became the first Korean-listed ETF to pull in 5 trillion won of retail money in a year, as the Kospi jumped 6% and then fell 3.5%.
- Singapore Savings Bond Return Rises to 2.45% as T-Bill Yields Climb Toward 2%Saving & Banking · 3 min read
- Singapore Keeps Asia's Only A Grade in Global Pension Index as Indonesia SlipsRetirement · 3 min read
Aviation
Air China Third-Quarter Profit Sinks 93% as Jet Fuel Costs Erase Summer Travel Gains
The flag carrier flew 7.3% more passengers in the peak quarter but kept just 271 million yuan of profit, with China Eastern and China Southern reporting next.
Hong Kong's Bar Leone Keeps World's Best Bar Title as Asia Takes 13 Spots
Hong Kong tied New York and Paris with four bars in the top 50, while venues in Bangkok and Seoul climbed into the top 10.
Swiss Watch Exports Rise 11.7% in September as Hong Kong Shipments Edge Up
A rebound in US shipments drove a fourth straight monthly gain, while reports differed on whether demand from mainland China rose or fell.
JYP Entertainment Shares Jump 6.8% on Unverified Takeover Claim as Regulator Warns
Two little-known groups say they plan to bid for up to half of the Stray Kids label. JYP says no valid proposal arrived, and Korea's watchdog is monitoring trading.
The Asia Open
Our 6 a.m. HKT briefing on what moved overnight and what to watch when Asian markets open. Weekdays, free.